What it is
Small businesses are privately owned corporations, partnerships, or sole proprietorships that have fewer employees and/or less annual revenue than a regular-sized business or corporation. Businesses are defined as “small” in terms of being able to apply for government support and qualify for preferential tax policy varies depending on the country and industry.
Many small businesses are sole proprietor operations consisting solely of the owner, but small businesses can also have a small number of additional employees. Some small businesses that offer an existing product, process or service, do not have growth as their primary objective. However, in contrast, a business that is created with the intention of becoming a big firm is known as a startup.
While starting your own small business using a bootstrapping or tech startup model are good self-employment options, it is not necessary to start something from scratch. Like franchising, where it is possible to build on a successful business model, it is possible to acquire a small business already in operation. Many small business owners look to exit their current businesses because they may be looking to retire, have health or other family issues or may just be wanting to get into something else.
Why learn this
Assessing and acquiring a small business operation that is aligned to your purpose and life goals might provide an aspirant a meaningful way to find self-employment.
The path to buying a business involves distinct stages or barriers, that must be navigated successfully to produce a meaningfully positive financial outcome. The stages include things like Finding the right business to by, Negotiating the right terms and price, due diligence on reported numbers and market opportunity and financing etc. Each stage carries a low probability of success and it’s a multiplicative system, meaning each probability of success must be multiplied by the other probabilities to get the odds of success. This is why someone looking at taking this path must invest time in understanding the process very well.
Gigaplex Academy Buy Small Business Learning track education will help you pursue the path of self-employment by acquiring a small business from someone who may be looking to exit it for variety of reasons mentioned above.
It will also give you a strong foundation of best practices to follow and pitfalls to avoid during your journey of acquiring and operating a small business. Lastly, the training will give you exposure to other aspects like Taxes, Benefits and labors laws for practicing as a tech startup entrepreneur, a necessary set of skills and know-how to improve your odds of success.
We accomplish this by combining in-person coaching from by small business operators / brokers , online video-based classes with deep coverage of subject matter expertise, and cohort style learning experience that revolves around learning and growing together as a group of self-employment aspirants.
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